Trump is coming for your credit card rewards. That’s good.
Wall Street is sending the public a dire warning: President Donald Trump has become a threat to the very foundation of American freedom — your frequent flier miles. Okay, America’s big banks haven’t been using rhetoric quite that grandiose. But they are accusing Trump of imperiling Americans’ credit card rewards. The feud between Wall Street […]
The Credit Card Competition Act (CCCA) is facing pressure from large retailers who want it passed before the end of the year. Banks are warning lawmakers that lower swipe fees could lead to reduced rewards for credit card holders. Swipe fees are the costs merchants pay to banks when customers use their cards, and these fees are passed on to consumers in the form of higher prices.
The CCCA aims to reduce swipe fees, which could lead to lower prices for consumers. However, banks argue that if swipe fees drop, so will credit card rewards and points. The financial industry is used to facing Trump's criticism around election time but this time, Trump is directly advocating for the CCCA, which could benefit average Americans by reducing swipe fees and potentially increasing credit card rewards.
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